The annual Caribbean Hotel and Tourism Association (CHTA) Marketplace is under way in The Bahamas with Prime Minister Perry Christie underscoring the importance of the tourism sector to the socio-economic development of the Caribbean.

January 22, 2016 (Antigua Observer) – The annual Caribbean Hotel and Tourism Association (CHTA) Market place is under way here with Bahamas Prime Minister Perry Christie underscoring the importance of the tourism sector to the socio-economic development of the Caribbean.

Christie addressing the three-day event, said that tourism as a direct contribution to Caribbean gross domestic product (GDP) was three per cent in 2015 compared to the worldwide average of 3.7 per cent.

He said the sector as a total contribution to Caribbean GDP rose by 2.9 per cent last year and is expected to increase by 3.3 per cent of GDP per annum each year over the next decade, against the worldwide average of 3.8 per cent.

He said in the region, total capital investment in tourism grew by 4.2 per cent in 2015, as compared to the worldwide average of 4.8 per cent.

“All of this suggests that while we are holding our own in tourism in the Caribbean, we must do much better if we are to meet the needs and expectations of Caribbean citizens over the next decade and that we must be intent on giving prioritized focus to those drivers of our economies that will leverage our tourism assets for continued and accelerated growth in the years to come.”

Christie said he welcomed the move by the United States to re-open diplomatic relations with Cuba and to work toward completely lifting the trade embargo.